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Chapter 2 Assignment: The Economic Problem: Scarcity & Choice 20 Points

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Chips or Salsa?

In this assignment, you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (bags of chips and cases of salsa). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the Production Possibilities Frontier. You will explain your analysis of the figures to explain why it’s not possible to produce combinations of the two goods outside the PPF.

This assignment will be submitted to Turnitin®.

Instructions

Using the examples in Chapter 2 complete the assignment (link on the previous page).  Please work independently. For your PPF, if you can do it in Excel or you can hand draw it and then send me the picture. You can upload several files in the submission folder.

Show all your work for full credit.  Rubric with point distribution included.

Chapter 2 Assignment: The Economic Problem: Scarcity & Choice                                                                                20 Points

Chips or Salsa?

In this assignment, you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (bags of chips and cases of salsa). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the Production Possibilities Frontier. You will explain your analysis of the figures to explain why it’s not possible to produce combinations of the two goods outside the PPF.

Chips or Salsa?

Suppose a nation has a total of 12 units of labor, which can be used to produce either chips or salsa.

One bag of chips takes 2 units of labor to produce and one case of salsa takes 6 units of labor to produce.

• Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.
• What is the maximum quantity of chip bags that can be produced?
• What is the maximum quantity of salsa cases than can be produced?
• Draw the nation’s production possibility frontier.
• What is the opportunity cost of bags of chips in this nation?
• Explain why the nation can’t produce both 4 bags of chips and 3 cases of salsa.
• Explain why the nation shouldn’t produce both 2 bag of chips and 1 cases of salsa.

Chapter 2 Assignment Rubric

 Criteria Not Evident Developing Proficient Distinguished Points Explain why scarcity exists in this economy, and use data to justify 2 Calculate maximum number of chip bags that can be produced 1 Calculate maximum number of salsa cases than can be produced 1 Draw the nation’s production possibility curve 3 Describe the opportunity cost of a case of salsa in this nation 4 Explain why the nation can’t produce both 4 bags of chips and 3 cases of salsa 4 Explain why the nation shouldn’t produce both 2 bag of chips and 1 cases of salsa 4 Articulation of response (citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas.) 1 Total: 20

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